California Borrows Up To Half-Billion Dollars For Oroville Spillway Repairs

California is borrowing up to a half-billion dollars to pay for repairs to the badly damaged spillways at the Oroville Dam.

The state treasurer's office said California water officials obtained a $500 million letter of credit last week for the repairs.

In February, the main spillway at the half century old dam developed huge craters and fears that it could fail led to the evacuation of 188,000 people.

The Trump administration announced $274 million in funding for Oroville Dam repairs last month. State officials have not provided a repair cost estimate so far but said they have asked the federal government to pay 75 percent of the bill.